Vanguard Groupdoes not avoid head-to-head competition. In fact, it encourages it.

The Malvern, Pa., investment firm founded by John Bogle ("John Bogle, Keeping the Faith," above) in 1974 and that now manages $1.4 trillion in assets, is putting tools in the hands of its advisers that quite intentionally spur head-to-head comparisons-or even head-to-head-to-head-to-head comparisons-between its products and those of rivals.

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